Nigeria Serviced Debt With N2.93tn In 2021

According to the data obtained from the DMO, findings showed that Nigeria spent N2.93 trillion on debt servicing payments in 2021.

The Director-General, DMO, Patience Oniha, said the total public debt stock of Nigeria increased to N39.56tn in 2021.

Between January and March 2021, Nigeria spent N612.71bn on domestic debt servicing, while it spent $1bn (N415.92bn) on external debt servicing, giving a total of N1.03tn.

From April to June 2021, the country spent N322.7bn on domestic debt servicing and $299m (N124.36bn) on external debt servicing, showing a total of N447.06bn.

From July to September 2021, Nigeria spent N808.49bn on domestic debt servicing and $520.78m (N216.6bn) on external debt servicing, giving a total of N1.03tn.

Between October and December 2021, Nigeria spent N310.5bn on domestic debt servicing, while it spent $286.35m (N119.1bn) on external debt servicing, giving a total of N429.6bn.

The official exchange rate of the Central Bank of Nigeria, which showed $1 =N415.92 as of March 17, was used for the external debt servicing.